CorMedix Inc. (CRMD) – The Path to an 8X Return

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Picture this a small biotech.
Core Medics Incorporated, ticker

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CRMD, posts $39,000,000 in
quarterly revenue and becomes

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profitable for the first time in
company history.

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Their FDA approved drug is
saving lives in over 60% of the

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US dialysis market.
The company holds $77.5 million

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in cash, has no meaningful debt,
and is protected by regulatory

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exclusivity that runs past 2033.
But Wall Street shrugs.

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Stock trades under $11.
This isn't a busted biotech,

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it's a profitable business with
untapped expansion misunderstood

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by the market and abandoned by
short term traders.

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Welcome to one of the most
asymmetric setups we've seen in

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2025.
This is where quiet stories

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become massive returns if you
see them before the crowd does.

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And that's exactly what we do
Welcome to Make Money, the show

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where we uncover the stocks,
sectors and strategies that can

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turn overlooked ideas into
wealth building trades.

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I'm Sophia Sterling,
data-driven, globally

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calibrated, and running on Chat
GPT's macroeconomic framework.

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This week, my model is tuned for
regulatory exclusivity,

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reimbursement access, and
pipeline expansion timelines.

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The market is slow to pricing
and.

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I'm Max powered by Grok 3,
locked in on volatility, chaos

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tracking, and mispriced biotech
momentum for this episode.

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My brain is optimized for
rebound detection options,

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pricing asymmetry, and FDA
pipeline catalyst with

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institutional tailwinds.
When Wall Street forgets how to

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price upside, I make sure we
don't.

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Today we're hosting from the
quiet research wing of Lenox

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Hill Hospital in New York City,
just four blocks from one of the

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highest concentrations of
dialysis patients in the

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country.
The walls are lined with framed

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phase three trials.
The air smells like disinfectant

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and sterilized steel.
The stuff moves like clockwork

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between treatments.
This is where a defend Cath

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matters, where infections are
real and stakes are life or

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death.
And it's the perfect place to

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see why this overlooked drug
might become a billion dollar

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platform.
Here's the part the market's

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missing.
Tormedix already has the hard

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part done.
FDA approval is in hand.

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Commercial traction is real.
Profitability is proven.

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The only thing lagging is the
narrative.

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Analysts are slow to model the
TPN expansion.

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Institutions are still digesting
the patent noise.

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But the setup is classic.
Real cash flow, low valuation,

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total market misunderstanding.
We're going deep today.

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In Segment 2, we'll breakdown
what Core Medics actually does

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and how Death and Cath works.
In Segment 3, we'll show you how

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the market completely misread
profitability.

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Then we'll dive into their
upcoming pipeline catalysts,

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build the full path to a $75
price target and close with a

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step by step playbook to trade
it from core holding to call

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option execution.
And we'll call out the risk

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because every asymmetric setup
comes with them.

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But when the downside is defined
and the upside is wide open,

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that's when we move.
Subscribe to Finance Frontier AI

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on Apple and Spotify, follow us
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friend.
Your download helps us reach our

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goal of 10,000 smart investors
riding the frontier with us.

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Let's jump in, because the
market may be sleeping on core

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medics, but after this episode,
you won't be.

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Let's start with what Core
Medics actually is, because if

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you're new to the name, you're
not alone.

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Cor Medics Inc is AUS based
biopharmaceutical company

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focused on one of the deadliest
problems in modern medicine,

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catheter related bloodstream
infections.

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Their flagship product is called
Defend Cath.

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It's a first in class
antimicrobial catheter lock

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solution FDA approved, launched
in 2024 and already used by some

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of the biggest dialysis
providers in America.

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The Fin Cath isn't some
theoretical pipeline dream.

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It's an actual product on the
market, prescribed, reimbursed,

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and delivering real world
results.

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The formulation combines
tyrolidine, an antimicrobial

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that prevents bacterial
biofilms, and heparin, a blood

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thinner that helps keep
catheters clear.

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This combo does one thing
exceptionally well.

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It reduces bloodstream
infections in hemodialysis

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patients.
In fact, in the phase three Lock

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IT 100 trial, the fin Cath
reduced infections by 71% with

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AP value so strong the trial was
stopped early for efficacy.

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The use case here is urgent.
In the US alone, over 400,000

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patients receive chronic
hemodialysis each year.

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Many of them rely on central
venous catheters, and those

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catheters are a Direct Line for
bacteria to enter the

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bloodstream.
The result?

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10s of thousands of life
threatening infections every

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year, billions in preventable
healthcare costs, and far too

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many unnecessary deaths.
The medical need for this

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solution is overwhelming, and
Coromedics now owns the only FDA

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approved product that directly
addresses it.

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Let's talk about the business
model because this isn't A1 size

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fits all roll out.
Coromedics is going after two

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distinct markets, outpatient
dialysis clinics and inpatient

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hospitals.
The outpatient launch started in

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July 2024.
That's where the big money is.

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More than 60% of the dialysis
market is now under contract,

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including deals with four of the
top five providers in the US.

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That means real volume, real
scale, and real reimbursement.

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And just to be clear, Defen Cath
isn't being sold at a discount

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it has full Medicare
reimbursement under T dapa for

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outpatients and intap for
inpatients plus CMS support

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through 2035 thanks to its new
chemical entity designation the.

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Inpatient side is still ramping.
Hospital adoption takes longer.

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Formulary reviews, internal
approvals, logistics.

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But Core Medics isn't doing it
alone.

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They partnered with Cineos
Health to build a dedicated

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hospital sales team.
In early 2025, they also signed

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a federal access agreement with
WSIPBG to expand into VA and

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other federal facilities,
opening the door to 10s of

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thousands of additional
patients.

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Combined, these two channels
give Core Medics access to

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nearly the entire US dialysis
market.

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So what does that look like in
financial terms?

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Let's go back just one year.
In early 2024, Core Medics had

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zero commercial revenue.
Today they posted a full year

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top line of $43.5 million.
In Q4 alone, they booked $31.2

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million in sales and $13.5
million in net income.

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This wasn't just revenue, it was
real profit.

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And in Q 12025, they came in
with a preliminary $39,000,000

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in revenue and over $22 million
in EBITDA.

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That's not biotech hike, that's
biotech execution.

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What's most impressive is how
quickly this inflection

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happened.
They went from FDA approval in

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November 2023 to inpatient
availability in April 2024, to

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outpatient commercial launch in
July to profitability by

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December.
And now they're raising

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guidance, expanding contracts
and sitting on a cash pile north

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of $77 million.
The Street is missing it because

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they're still looking at this
like a pre revenue micro cap,

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but that's over.
Cormedix is profitable, the

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product is scaling their
footprint and dialysis is just

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phase one.
And the next segment will show

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you how the market got this
completely wrong and what's

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coming next.
On paper, COR Medics looks like

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the kind of breakout biotech
everyone's been waiting for.

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FDA approval?
Check.

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Commercial product?
Check.

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Profitable within 12 months?
Absolutely.

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And yet Wall Street has barely
moved.

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Despite posting $39,000,000 in
Q1, revenue shares are stuck

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under $11.00.
Why?

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Because the markets not reading
the earnings.

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It's reacting to old headlines,
misunderstood risks and shallow

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models.
This is the classic setup.

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Panic over perception while the
fundamentals quietly transform.

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Let's rewind to March 25th,
2025.

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COR Medics reports Q 4/20/24
Results $31.2 million in

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revenue, $13.5 million in net
income, and $15.3 million in

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Adjusted EBITDA.
For context, this is their first

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full quarter of outpatient sales
and they already broke into the

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block.
But instead of a rally, the

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stock hesitates.
Analysts flag concerns about

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shipment timing, customer
concentration and the expiration

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of older patents, ignoring the
cash pile growth curve and 10.5

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years of FDA exclusivity still
ahead.

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And then it gets even better.
On April 8th, they raise

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guidance.
Q1 revenue is tracking at $39

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million, EBITDA over $22.5
million.

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They lift H1 sales guidance from
50 to $60 million to 62 to $70

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million.
This isn't just solid execution,

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it's exponential traction.
Yet the market yawns.

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Why?
Because it's worried about

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things that either don't matter
are already priced in.

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Take the patent noise.
Yes, several of Cormedix's

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legacy patents expired between
November 2024 and May 2025.

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But the real Moat here isn't
patent law, it's FDA

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exclusivity.
Thanks to their QIDP status and

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new chemical entity designation,
Defencaf has locked in

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regulatory protection through
2033.

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And with a pediatric trial on
deck, they're likely to earn

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another six months, extending
the window to mid 2034.

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No generic can enter until that
clock runs out.

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Then there's the customer
concentration issue.

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In 2024, one provider accounted
for 86% of revenue.

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That sounds scary until you
realize that one provider runs

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over 2000 dialysis clinics.
The truth is, Cormedix is

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scaling through anchor customers
and by H one, 2025 / 60% of the

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US dialysis market is under
contract.

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This isn't risky, it's
efficient.

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The market also flagged timing
delays and hospital adoption.

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It's true inpatient uptake has
been slower due to formulary

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reviews and sales cycles, but
Core Medics is actively solving

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that.
They hired Senios to build a

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dedicated inpatient team.
They signed WSIPBG to target VA

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and federal facilities.
The commercial engine is still

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warming up and it's already
profitable.

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Here's what most investors are
missing.

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This isn't a speculative biotech
anymore.

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It's a cash generating business
with 90% gross margins, Medicare

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reimbursement and proven demand.
The cash position, 77.5 million

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means no dilution risk in 2025.
The revenue growth is organic

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and the pipeline expansion
hasn't even hit yet.

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Institutions are starting to
notice ownership has climbed

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past 60%.
Names like Vanguard and Elliott

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Management are already on the
cap table.

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Insider activity has been net
positive for two years.

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No major sales.
These are the signals of a stock

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preparing for repricing.
But the window won't stay open

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forever.
In the next segment, we'll walk

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you through the next leg of the
story, how Core Medics plans to

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break into the TPN market,
target pediatric hemodialysis,

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and scale into new verticals
with their Toroidine platform.

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The current numbers are good,
the future numbers.

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That's where the 8X potential
comes from.

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Up until now, everything we've
talked about, defend cats,

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dialysis roll out, the revenue
explosion, the profitability

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inflection, that's just phase
one.

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What makes Core Medics truly
compelling is what's coming

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next.
They aren't just locking down

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the dialysis market.
They're building a full medical

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platform, expanding into total
parental nutrition, pediatric

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care, oncology support and
beyond.

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And if they succeed, today's
revenue will look tiny compared

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to what's possible.
The first major expansion target

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patients receiving total
parenteral nutrition or TPN.

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These are patients who can't
take food by mouth or feeding

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tube and instead get life
sustaining nutrients delivered

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directly into their bloodstream
through a central line.

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00:12:55,080 --> 00:12:59,440
Just like dialysis patients, TPN
patients are at massive risk for

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bloodstream infections and right
now there's no FDA approved

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00:13:03,240 --> 00:13:06,120
catheter lock solution
specifically designed to protect

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them.
That's the opportunity.

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00:13:08,240 --> 00:13:12,280
In late 2024, Core Medics
submitted a final phase three

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protocol to the FDA for Defense
Cuffs TPN trial.

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Patient enrollment was expected
to begin in late April 2025, and

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00:13:20,960 --> 00:13:24,520
the company has already
activated multiple investigator

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sites.
Management projects that if

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Defencath is approved for TPN,
it could add $150 million to

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00:13:31,760 --> 00:13:35,960
$200 million in peak annual
sales on top of the dialysis

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00:13:35,960 --> 00:13:39,440
revenue already coming in.
The total addressable market

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00:13:39,800 --> 00:13:43,960
estimated between $500 million
and $750 million.

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00:13:44,160 --> 00:13:47,720
But it's not just the size of
the TPN market that matters,

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00:13:48,000 --> 00:13:52,120
it's the strategic advantage.
If approved, Defend Cath would

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00:13:52,120 --> 00:13:56,000
likely lock down another layer
of exclusivity, especially if

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00:13:56,000 --> 00:13:59,040
the company's pending orphan
drug application is granted.

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00:13:59,720 --> 00:14:03,000
That would extend their monopoly
protections and enhance pricing

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00:14:03,000 --> 00:14:05,160
power.
Plus, it would demonstrate that

240
00:14:05,160 --> 00:14:08,400
Defend Cath isn't a single
indication wonder.

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00:14:08,720 --> 00:14:12,920
It's a flexible platform that
can be adapted across multiple

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00:14:12,920 --> 00:14:17,120
high risk patient populations.
And the expansion doesn't stop

243
00:14:17,120 --> 00:14:19,120
there.
Chromatics is committed to

244
00:14:19,120 --> 00:14:22,160
conducting a pediatric
hemodialysis study testing

245
00:14:22,160 --> 00:14:24,720
Defend Cath in children
undergoing dialysis.

246
00:14:25,240 --> 00:14:28,920
Beyond the obvious humanitarian
benefit, this trial unlocks 2

247
00:14:28,920 --> 00:14:32,160
strategic levers.
First, pediatric dialysis

248
00:14:32,160 --> 00:14:35,200
represents a high need, low
competition niche that

249
00:14:35,200 --> 00:14:38,640
Chromatics can dominate.
Second, successful completion of

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00:14:38,640 --> 00:14:42,920
the study triggers an automatic
6 month extension of their FDA

251
00:14:42,920 --> 00:14:47,480
exclusivity, pushing patent
protection out to mid 2034.

252
00:14:47,560 --> 00:14:51,320
Then there's the untapped
potential of torolidine itself.

253
00:14:51,720 --> 00:14:55,720
Early stage research suggests
this molecule has anti microbial

254
00:14:55,720 --> 00:14:58,280
and anti-inflammatory properties
that could be applied to

255
00:14:58,280 --> 00:15:01,760
surgical sutures, wound
dressings, even direct cancer

256
00:15:01,760 --> 00:15:04,280
therapies.
Core Medics isn't racing to

257
00:15:04,280 --> 00:15:07,120
build a bloated pipeline, but
they're strategically

258
00:15:07,120 --> 00:15:10,000
positioning torolidine as a
platform technology.

259
00:15:10,080 --> 00:15:13,120
If even one of these new
applications gains traction, it

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00:15:13,120 --> 00:15:16,200
could add entirely new verticals
to their revenue model.

261
00:15:16,400 --> 00:15:18,840
You're also seeing strategic
moves at the sales level.

262
00:15:19,360 --> 00:15:23,880
Cormedix's partnership with
WSIPBG to target VA and federal

263
00:15:23,880 --> 00:15:28,040
facilities opens a pipeline to
40,000 veterans with end stage

264
00:15:28,040 --> 00:15:30,920
renal disease.
These patients typically have

265
00:15:30,920 --> 00:15:33,120
higher infection risk and defend
cats.

266
00:15:33,120 --> 00:15:36,360
Profile fits perfectly.
Federal facilities operate on

267
00:15:36,360 --> 00:15:39,840
their own procurement schedules,
but once they approve a product,

268
00:15:40,000 --> 00:15:42,680
adoption can happen fast and at
scale.

269
00:15:43,080 --> 00:15:46,680
So to sum it up, right now
Cormedix is valued like a single

270
00:15:46,680 --> 00:15:50,800
product single market biotech,
but the blueprint is much

271
00:15:50,800 --> 00:15:53,880
bigger.
Expansion into TPN alone could

272
00:15:53,880 --> 00:15:57,480
double or triple revenue.
Pediatric dialysis cements

273
00:15:57,480 --> 00:16:01,800
exclusivity, federal facility
access at scale, and future

274
00:16:01,800 --> 00:16:05,720
platform plays could turn to fin
Cath from a niche infection

275
00:16:05,720 --> 00:16:09,400
fighter into a broad spectrum
medical technology.

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00:16:09,960 --> 00:16:12,600
In the next segment, we'll walk
you through the numbers showing

277
00:16:12,600 --> 00:16:16,240
exactly how Chromedics could 8X
from today's levels, what price

278
00:16:16,240 --> 00:16:19,840
targets are realistic, and what
catalysts you need to watch to

279
00:16:19,840 --> 00:16:23,360
manage risk and maximize upside.
All right, let's talk upside.

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00:16:23,960 --> 00:16:27,440
Chromedics isn't just a story
about profitability, it's a

281
00:16:27,440 --> 00:16:31,080
story about mispriced growth,
multi layered catalysts in a

282
00:16:31,080 --> 00:16:33,920
risk reward profile the market
hasn't caught up with yet.

283
00:16:34,400 --> 00:16:39,600
So how do we get from $9.23 to
$25 or even $75?

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00:16:39,920 --> 00:16:43,440
Let's map it out step by step.
Start with the 12 month target.

285
00:16:43,920 --> 00:16:50,520
Q 12025 revenue came in at $39
million with over $22.5 million

286
00:16:50,520 --> 00:16:53,360
in EBITDA.
That puts core Medics on a

287
00:16:53,360 --> 00:16:58,240
forward run rate of roughly $160
million in annualized revenue

288
00:16:58,240 --> 00:17:01,440
and about $90,000,000 in
Adjusted EBITDA.

289
00:17:01,840 --> 00:17:04,880
These aren't projections.
They're trailing numbers now

290
00:17:04,880 --> 00:17:09,359
baked into the business.
Apply a reasonable multiple for

291
00:17:09,359 --> 00:17:13,680
a profitable FDA backed
reimbursed non antibiotic drug

292
00:17:13,880 --> 00:17:18,680
with 90% gross margins and no
direct competitors of five times

293
00:17:18,680 --> 00:17:20,520
revenue.
Multiple is actually

294
00:17:20,520 --> 00:17:25,960
conservative on 150 to $160
million in 2025 revenue.

295
00:17:26,119 --> 00:17:30,080
That gets us a 750 to $800
million revaluation.

296
00:17:30,320 --> 00:17:33,640
Divide by 30 million shares and
we're looking at a 12 month

297
00:17:33,640 --> 00:17:35,840
target price of $25.
That's a.

298
00:17:35,840 --> 00:17:40,440
Plus 171% upside from $9 dollars
and 23 cents.

299
00:17:40,960 --> 00:17:45,120
Your risk.
Cormedix has $77.5 million in

300
00:17:45,120 --> 00:17:49,280
cash, no long term debt, and is
already profitable using a

301
00:17:49,280 --> 00:17:51,200
conservative $4.00 support
floor.

302
00:17:51,200 --> 00:17:55,640
The potential downside is about
-57% that gives you a clean risk

303
00:17:55,640 --> 00:17:59,240
reward ratio of three to 1.
And that's just the base case.

304
00:17:59,440 --> 00:18:02,840
Now let's look at what turns $25
into $75.00.

305
00:18:03,320 --> 00:18:05,440
That's where the multi year
upside comes in.

306
00:18:06,480 --> 00:18:09,600
Ormedics is entering a phase
three trial for total parental

307
00:18:09,600 --> 00:18:13,560
nutrition TPN.
If approved, Defend Cath would

308
00:18:13,560 --> 00:18:16,880
be the first and only catheter
lock solution for this high risk

309
00:18:16,880 --> 00:18:19,360
population.
The company sees peak sales of

310
00:18:19,360 --> 00:18:24,200
150 to $200 million from TPN
alone, with a total addressable

311
00:18:24,200 --> 00:18:29,640
market of $500 to $750 million.
Add that to the core dialysis

312
00:18:29,640 --> 00:18:32,960
business, growing inpatient
penetration, a potential

313
00:18:32,960 --> 00:18:37,160
pediatric expansion that unlocks
an extra 6 months of exclusivity

314
00:18:37,400 --> 00:18:41,440
and a strategic push into VA and
federal facilities, they're

315
00:18:41,440 --> 00:18:46,360
easily modeling $300 million in
revenue by 2028, with margins

316
00:18:46,360 --> 00:18:50,160
holding above 85%.
EBITDA could approach $150

317
00:18:50,160 --> 00:18:52,560
million.
Let's apply a longer term

318
00:18:52,560 --> 00:18:57,240
multiple A 15 times EBITDA
multiple on $150 million gives

319
00:18:57,240 --> 00:19:00,720
you a market cap of $2.25
billion.

320
00:19:01,160 --> 00:19:04,800
Divide that by 30 million
shares, $75 per share.

321
00:19:04,960 --> 00:19:09,240
That's the five year asymmetric
path built not on hype, but on

322
00:19:09,240 --> 00:19:14,600
execution, label expansion and a
Moat protected by 10.5 years of

323
00:19:14,600 --> 00:19:18,280
FDA exclusivity.
The market isn't pricing that in

324
00:19:18,400 --> 00:19:21,560
yet.
Most biotech stocks under $10

325
00:19:21,560 --> 00:19:24,600
aren't profitable, let alone
sitting on a cash pile with

326
00:19:24,600 --> 00:19:27,680
reimbursement in place and
institutional backers like

327
00:19:27,680 --> 00:19:30,760
Vanguard and BlackRock.
This is the rare exception.

328
00:19:31,160 --> 00:19:33,000
It's profitable.
It's scalable.

329
00:19:33,520 --> 00:19:37,000
It's misunderstood.
Even in a worst case where TPN

330
00:19:37,000 --> 00:19:40,600
enrollment is delayed or fails,
Core Medics remains a profitable

331
00:19:40,600 --> 00:19:44,600
dialysis pureplay with
structural support that defines

332
00:19:44,600 --> 00:19:48,480
the asymmetry.
And if TPN hits or if a buyer

333
00:19:48,480 --> 00:19:51,920
steps in, this isn't a two times
or three times play, it's a

334
00:19:51,920 --> 00:19:54,480
portfolio mover.
The buyout comps support it.

335
00:19:55,040 --> 00:19:58,280
Look at Melinta's 7.5 times
revenue acquisition of

336
00:19:58,280 --> 00:20:03,200
Tetraphase or Merck's $9 billion
acquisition of QBEST at 9 times

337
00:20:03,200 --> 00:20:05,800
forward EBITDA.
Defencaf is in the same

338
00:20:05,800 --> 00:20:09,480
regulatory class, QIDP
designation, exclusivity and

339
00:20:09,480 --> 00:20:11,240
unmet need and infection
control.

340
00:20:11,400 --> 00:20:13,200
And you're not alone in seeing
the setup.

341
00:20:13,600 --> 00:20:18,200
Over 60% of shares are held by
institutions insiders are

342
00:20:18,200 --> 00:20:22,600
holding or buying.
In Q1, the CEO and two directors

343
00:20:22,600 --> 00:20:25,320
exercised options and held every
share.

344
00:20:25,600 --> 00:20:28,480
That's not exit behavior, that's
conviction.

345
00:20:28,800 --> 00:20:31,720
So what's the catalyst?
It could be the first enrolled

346
00:20:31,720 --> 00:20:34,240
TPN patient.
It could be a federal

347
00:20:34,240 --> 00:20:36,840
procurement contract.
It could be a strategic

348
00:20:36,840 --> 00:20:40,440
partnership or an unsolicited
buyout offer that re rates the

349
00:20:40,440 --> 00:20:43,880
entire sector.
Either way, the setup is already

350
00:20:43,880 --> 00:20:46,000
here.
The only thing missing is the

351
00:20:46,000 --> 00:20:48,440
market waking up.
In the next segment, we'll break

352
00:20:48,440 --> 00:20:52,000
down how to position for this,
from building a stock core to

353
00:20:52,000 --> 00:20:54,760
using call options for
asymmetric upside.

354
00:20:55,440 --> 00:20:58,600
Let's build a playbook that
makes the most of CRM DS

355
00:20:58,600 --> 00:21:01,480
mispricing.
So now you know the setup, you

356
00:21:01,480 --> 00:21:03,880
know the numbers, you know the
upside.

357
00:21:04,400 --> 00:21:07,120
Let's talk strategy.
Because identifying an

358
00:21:07,160 --> 00:21:10,640
asymmetric trade is one thing,
positioning correctly to

359
00:21:10,680 --> 00:21:13,520
actually capture it, that's
where the real money is made.

360
00:21:13,880 --> 00:21:17,480
And with Core Medics, the plan
is elegant, scalable, and fits

361
00:21:17,480 --> 00:21:19,960
multiple risk profiles.
Let's start with the core

362
00:21:19,960 --> 00:21:21,960
position.
If you're building a long term

363
00:21:21,960 --> 00:21:26,400
exposure to CRMD, the simplest
strategy is to allocate 5 to 10%

364
00:21:26,400 --> 00:21:28,480
of your portfolio into the
common stock.

365
00:21:28,880 --> 00:21:32,760
This core position rides the
full upside thesis, TPM success,

366
00:21:33,000 --> 00:21:36,200
pediatric expansion, M&A
optionality all the way to the

367
00:21:36,200 --> 00:21:39,120
five year $75 target.
It gives you direct

368
00:21:39,120 --> 00:21:41,640
participation without expiration
risk.

369
00:21:41,840 --> 00:21:44,920
The best time to build this
position on pull backs,

370
00:21:45,880 --> 00:21:51,320
specifically if you see CRD down
6 to 10% on no negative news,

371
00:21:51,320 --> 00:21:54,640
especially around earnings,
enrollment updates or sector

372
00:21:54,640 --> 00:21:57,960
wide biotech volatility, those
are AD points.

373
00:21:58,200 --> 00:22:02,560
Remember, in asymmetric trades
you want to lean into fear, not

374
00:22:02,560 --> 00:22:05,480
away from it.
Next layer options If you want

375
00:22:05,480 --> 00:22:07,920
to magnify upside without
overexposing your core

376
00:22:07,920 --> 00:22:11,240
portfolio, CRM DS option setup
is very favorable.

377
00:22:11,600 --> 00:22:15,320
Implied volatility is still
elevated but not extreme, making

378
00:22:15,320 --> 00:22:17,720
calls reasonably priced for the
potential move ahead.

379
00:22:18,320 --> 00:22:21,240
Here's the basic playbook.
Start by buying deep in the

380
00:22:21,240 --> 00:22:23,520
money.
Call options strikes about 10 to

381
00:22:23,520 --> 00:22:25,640
20% below the current share
price.

382
00:22:26,080 --> 00:22:32,640
For example, with CRMD trading
around $9.23, look at $9 or $8

383
00:22:32,640 --> 00:22:35,200
strike calls expiring 6 to 9
months out.

384
00:22:35,680 --> 00:22:38,520
This gives you high delta
exposure, meaning your options

385
00:22:38,520 --> 00:22:41,160
behave more like stock and
minimizes time decay.

386
00:22:41,320 --> 00:22:44,520
Then out of kicker, a smaller
position and out of the money

387
00:22:44,520 --> 00:22:48,200
calls strikes 20 to 30% above
the current price.

388
00:22:48,720 --> 00:22:53,480
Think $13 or $15 strikes if
you're targeting a $25 near term

389
00:22:53,480 --> 00:22:55,600
move.
These options are cheaper,

390
00:22:55,680 --> 00:22:59,320
higher risk, but offer massive
pay off if CRMD re rates

391
00:22:59,320 --> 00:23:01,520
quickly.
This two layer structure lets

392
00:23:01,520 --> 00:23:04,400
you participate aggressively if
the stock moves fast while

393
00:23:04,400 --> 00:23:06,040
keeping your core exposure
solid.

394
00:23:06,160 --> 00:23:08,440
How much exposure?
That depends on your risk

395
00:23:08,440 --> 00:23:11,040
tolerance, but a practical model
is this.

396
00:23:11,160 --> 00:23:15,680
For every $1.00 of stock you
hold, you might add 25 to $0.50

397
00:23:15,680 --> 00:23:19,200
in delta adjusted options.
This way you control extra

398
00:23:19,200 --> 00:23:22,640
upside without exposing yourself
to a wipeout if biotech gets

399
00:23:22,640 --> 00:23:25,040
volatile.
Managing the trade matters, too.

400
00:23:25,480 --> 00:23:30,160
If CRMD pops toward Dollars 1820
without TPN approval or a buyout

401
00:23:30,160 --> 00:23:33,040
offer, consider trimming some of
your out of the money calls.

402
00:23:33,560 --> 00:23:37,360
If TPN enrollment starts faster
than expected or if new federal

403
00:23:37,360 --> 00:23:41,000
facility wins are announced,
adding fresh call spread 6 to 12

404
00:23:41,000 --> 00:23:43,480
months out could make sense.
Stay dynamic.

405
00:23:43,640 --> 00:23:46,720
Adjust based on catalysts, not
emotions.

406
00:23:46,840 --> 00:23:49,280
What about stop losses for the
stock?

407
00:23:49,320 --> 00:23:51,960
The Technical Support zone is
around $7.00.

408
00:23:52,240 --> 00:23:56,440
If CRMD breaks below $7.00 on
heavy volume without company

409
00:23:56,440 --> 00:23:59,400
specific news to explain it,
that's a signal to reduce

410
00:23:59,400 --> 00:24:02,560
exposure for options.
Keep tight expiration

411
00:24:02,560 --> 00:24:05,440
management.
Don't let calls decay inside 60

412
00:24:05,440 --> 00:24:08,000
days unless the news flow
justifies holding.

413
00:24:08,120 --> 00:24:11,680
One final point, biotech
volatility is real.

414
00:24:12,080 --> 00:24:15,520
CRMD will move 5 to 10% in a day
sometimes.

415
00:24:16,000 --> 00:24:18,120
That's normal.
This isn't a straight line

416
00:24:18,120 --> 00:24:21,960
trade, it's a strategy based on
fundamental RE rating over

417
00:24:21,960 --> 00:24:25,000
months and years.
If you size it right, you can

418
00:24:25,000 --> 00:24:27,240
stay in the game long enough to
see it play out.

419
00:24:27,800 --> 00:24:30,840
Coming up next, we'll close the
episode with your final action

420
00:24:30,840 --> 00:24:34,680
steps, a quick reminder about
biotech risks, and how to stay

421
00:24:34,680 --> 00:24:38,680
connected with us for updates as
Cormedix's story evolves.

422
00:24:39,040 --> 00:24:41,600
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